bellows Mr Webb, alluding to the recent efforts of vulture funds
like Guinness Peat, Advance Value Realisation and JO Hambro.
In the case of Argentina, another US court allowed a small minority of so-called vulture funds
to jeopardize a restructuring process to which 92.
Argentina's Minister of Foreign Affairs Hector Timerman, told the General Assembly that "sovereign debt, gentlemen, is a right that countries possess to restructure it, and it is a way to place limits to the twenty-first century pirates which are, no less, the vulture funds
which under a lack of global legislation have taken advantage of the poverty of many of the nations represented here.
While the Finance Minister has all but snubbed advocacy groups representing indebted mortgage holders facing losing their home, he has rolled out the red carpet for the vulture funds
who might buy up their loans.
Within that recognition, the firm was considered a "Standout" for its Litigation practice because it "leveled the playing field by stamping out the practice of vulture funds
targeting indebted African countries.
American Airlines never retracted its statement, and the opposition press, in alliance with the vulture funds
, continues to say, "There are no dollars for airlines companies.
Later on Friday, however, Argentina's economy ministry issued a statement accusing Griesa of "clear partiality in favor of the vulture funds
This default goes back to 2001 when the previous default on government bonds led to a settlement, under which, 93 per cent of the creditors accepted new and less favourable terms, but a holdout group of vulture funds
based in the US refused to go along with the plan.
Mantega said he believed negotiations could still continue between Argentina and the so-called vulture funds
that triggered the technical default.
This is a cooked up deal among friendly parties that support the vulture funds
, with no support from other creditors, and with total disregard for Nortel's former Canadian employees who were the primary creators of the bulk of Nortel's patents which powered the once global company.
At the June IMF meeting, they are likely to request certain reforms relating to sovereign debt, such as limiting the role of predatory vulture funds
are those that invest in debt-laden companies on the brink of default.